GRASIM Elliott Wave technical analysis
Function: Larger Degree trend Higher (Intermediate degree, orange. Wave (5)).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((iii)) Navy.
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey progressing higher within Intermediate Wave (5) Orange against 2490. Alternatively, Wave (5) Orange is complete above 2900.
Invalidation point: 2490.
Grasim Industries daily chart technical analysis and potential Elliott Wave counts
Grasim Industries daily chart is indicating a progressive rally, which is unfolding Minute Wave ((iii)) Navy within Minor Wave 5 Grey of Intermediate Wave (5) Orange against 2490 support. Alternatively, Wave (5) Orange already terminated around 2900.
Grasim Industries has produced a religious uptrend since June 2022 lows around 1270 mark, Intermediate Wave (4) termination. The sub waves are potentially unfolding into five waves marked as Minor Waves 1 through 5 (still unfolding) Grey here.
If the above holds well, the stock could be well underway to push above the 3000 mark and terminate Intermediate Wave (5) Orange. Ideally, prices should stay above 2450, Minute Wave ((ii)) termination, to keep the bullish structure intact.
GRASIM Elliott Wave technical analysis
Function: Larger Degree trend Higher (Intermediate degree, orange. Wave (5)).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((iii)) Navy.
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey progressing higher within Intermediate Wave (5) Orange against 2490. Furthermore, Minuette Wave (ii) Orange within Minute Wave ((iii)) Navy looks complete around 2700 mark. If correct, Minuette Wave (iii) should be underway. Alternatively, Wave (5) Orange is complete above 2900.
Invalidation point: 2490.
Grasim Industries four-hour chart technical analysis and potential Elliott Wave counts
Grasim Industries 4H chart is highlighting the Minuette waves within Minute Waves ((i)) and ((ii)) Navy. The former was an impulse followed by an expanded flat 3-3-5 Minute Wave ((ii)) terminating around 2490 mark. Minute Wave ((iii)) is now progressing higher against 2490.
Conclusion
Grasim Industries is progressing higher within Minute Wave ((iii)) of Minor Wave 5 of Intermediate Wave (5) Orange against 2490.
Grasim Industries Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD holds steady above 1.0900 after earlier rebound
EUR/USD trades marginally higher on the day above 1.0900. According to the data from Germany and the Eurozone, ZEW Survey - Economic Sentiment improved more than expected in October, while the US data showed a sharp decline in NY Empire State Manufacturing Index.
GBP/USD clings to recovery gains above 1.3050 after UK data
GBP/USD stays in positive territory and edges higher toward 1.3100 on Tuesday. The data from the UK showed that the ILO Unemployment Rate declined to 4% in the three months to August, with Employment Change rising by 373K, helping Pound Sterling gain resilience.
Gold holds on to modest gains around $2,660
Gold clings to small gains above $2,650 on Tuesday after closing the first day of the week virtually unchanged. Growing signs of an economic downturn in the Chinese economy makes it difficult for XAU/USD to gather recovery momentum.
Ethereum shows mild signs of recovery
Ethereum price broadly consolidates after breaking above its 50-day EMA at $2,535, suggesting a possible rally ahead. US spot Ethereum ETFs records an inflow of $17 million on Monday. Ethereum’s open interest surged more than 16%, indicating new buying activity.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.